XJT Warned by NASDAQ

ExpressJet Holdings, Inc. received notice that it is not in compliance with New York Stock Exchange requirements for a $1.00 average share price for continued listing. The standard requires that the average price per share of common stock be at least $1.00 per share over a 30-day trading period. The notification came after the stock was moved to trading on the NYSE's Arca market under a non-regulatory trading halt condition called a sub-penny halt. The company's common stock will continue trading on the NYSE Arca market until it trades above $1.10 per share for an entire trading day. Under the NYSE rules, ExpressJet must return to compliance with the $1.00 average share price continued listing standard within 6 months to avoid delisting.
The company also said it plans to unilaterally amend the indenture governing its 4.25 percent convertible notes due 2023 in order to provide improved terms and additional flexibility for note holders. For a complete report see the next issue of Regional Aviation News.